Short Interest in Futu Holdings Limited (NASDAQ:FUTU) Drops By 21.0%

Futu Holdings Limited (NASDAQ:FUTU) was the recipient of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 3,810,000 shares, a drop of 21.0% from the February 13th total of 4,820,000 shares. Based on an average trading volume of 2,580,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 4.3% of the shares of the company are sold short.

Futu Stock Down 2.3 %

NASDAQ FUTU traded down $2.64 during midday trading on Tuesday, hitting $114.47. The company had a trading volume of 3,607,803 shares, compared to its average volume of 2,530,827. The stock has a market cap of $15.77 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 0.79 and a beta of 0.78. The firm has a fifty day simple moving average of $102.81 and a two-hundred day simple moving average of $92.19. Futu has a fifty-two week low of $51.80 and a fifty-two week high of $130.88.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FUTU. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $115.00 in a report on Monday, November 18th. Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $79.00 to $95.00 in a report on Tuesday, November 19th. UBS Group lifted their target price on shares of Futu from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Monday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $111.83.

Institutional Trading of Futu

Several hedge funds and other institutional investors have recently bought and sold shares of FUTU. Smartleaf Asset Management LLC grew its position in Futu by 1,245.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 444 shares of the company’s stock worth $36,000 after purchasing an additional 411 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Futu by 77.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 452 shares of the company’s stock valued at $36,000 after acquiring an additional 197 shares in the last quarter. Rakuten Securities Inc. boosted its position in shares of Futu by 239.8% during the 4th quarter. Rakuten Securities Inc. now owns 683 shares of the company’s stock valued at $55,000 after acquiring an additional 482 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Futu during the 4th quarter valued at about $60,000. Finally, Assetmark Inc. boosted its position in shares of Futu by 15,200.0% during the 4th quarter. Assetmark Inc. now owns 765 shares of the company’s stock valued at $61,000 after acquiring an additional 760 shares in the last quarter.

Futu Company Profile

Futu Holdings Limited provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, margin financing and fund distribution services through its Futubull and Moomoo digital platforms.